The St Andrews bar that was subject to takeover speculation by BrewDog has been sold to a rival craft beer company.
BrewDog announced plans to open bars in the Fife town and Perth at its AGM in front of 8,000 investors at the Aberdeen Exhibition and Conference Centre in April.
The presentation by BrewDog founders James Watt and Martin Dickie to their ‘equity for punks’ investors identified Rascals Bar in North Street, St Andrews as the location of a BrewDog pub to open this year.
However, Rascals’ owner Colin Donaldson immediately denied that a deal had been done and called the Ellon-based brewer “arrogant” for the premature announcement.
He has now made a deal to sell the pub to St Andrews Brewing Company and has joined the growing Fife brewer in a senior role.
The popular pub will close for refurbishment in September.
BrewDog said today they would search for an alternative location in St Andrews.
St Andrews Brewing Company is currently developing a large space in the basement of the Caird Hall in Dundee.
It also has plans to expand its brewing capacity and has a crowdfunding campaign under way.
Managing director Philip Mackey said: “We had detailed negotiations with Colin which led to us confirming the arrangements for bringing Rascals into the Brewing Company family.
“As an added bonus, Colin was keen to join the St Andrews Brewing Company as part of the deal in a key senior role to help develop our overseas exports. His appointment has already delivered significant benefit.
“We are very excited about what Rascals can bring to St Andrews Brewing Company particularly the potential it offers to create another exceptional and individual venue in our iconic hometown.
“We will be making some subtle changes and improvements during the summer with a full shut down planned for early September to allow us to undertake a full refurbishment.
“For the many Rascals fans, we can confirm that we fully intend to retain, and build on, Rascals reputation for offering great food, friendly service and great value for money.”
Mr Mackay said the acquisition would complement his company’s existing brewpub in South Street in St Andrews.
He said all members of staff at Rascals would retain their jobs.
“We have also been really impressed with the Rascals team, particularly how they have kept committed to making the place successful during the uncertainty of the last few months,” he added.
BrewDog said they would continue to look for a property in St Andrews.
David McDowall, managing director of BrewDog retail said: “We were progressing well with negotiations with the owner of Rascals, however these broke down unfortunately and as a result, BrewDog fans will need to wait a little longer for a bar in St Andrews.
“We are actively looking for property in St Andrews and we’d love for people to contact us if they are interested in speaking with us or know any locations that would be suitable.”
